Gazprom said it had signed an agreement with China to start paying for gas in yuan and rubles instead of dollars.
Allowing payments for Gazprom shipments in rubles and yuan is a “win-win” move between Gazprom and the state oil company, Gazprom CEO Alexei Miller said today. China.
“This will simplify the calculations, be a model for other companies, and provide more fuel for our economic growth,” Mr Miller said.
Gazprom did not provide further details about the plan or when the two sides would formally move gas payments from dollars to yuan and rubles.
president Vladimir Putin Earlier this year, European customers were required to open ruble bank accounts with Gazprombank and pay for gas transportation in Russian currency. Russia has cut off gas supplies with some European companies and countries that rejected the request.
It’s part of Russia’s efforts to reduce its reliance on the dollar, euro or other currencies after the West imposed multiple sanctions on Moscow over its military actions in Ukraine.
Russia It has been strengthening economic ties with China and countries outside Western Union, creating new markets for the country’s vital energy exports.
Before the conflict in Ukraine erupted, Russia and China signed a massive gas supply extension deal worth $37.5 billion. Moscow began sending natural gas to China via the 3,000-kilometer Siberian Power Pipeline in late 2019.
President Putin hailed the move as a “historic event, not only for the global energy market, but especially for Russia and China”.
Cheongdam (follow Reuters)